Insurance news

• Swett bolsters BB&T insurance profits

  19-10-2016 21:28
  Swett & Crawford made a significant contribution to earnings
  reported today by the insurance operations of parent BB&T in
  the first full quarter to include the wholesaler's results.
  Insurance income increased almost 16 percent, or $56mn, to
  $410mn for the quarter that ended in September compared with the
  same period of last year, primarily the result of the Swett &
  Crawford acquisition, BB&T said in a statement about its
  results.
  The North Carolina-based banking parent reported t
  
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• CNA snags Munson from Chubb for global role

  19-10-2016 21:28
  CNA Financial has hired Laurie Munson away from Chubb, naming her
  as vice president, global services, with a mandate to expand the
  Chicago-based company's international business.
  Munson reports to Kathleen Ellis, senior vice president,
  international at CNA Commercial, and is also charged with making
  processes and technologies used at the unit more efficient,
  according to a statement today from the company about the newly
  created position.
  Munson joined CNA in August from Chubb, where she was a v
  
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• Florida cat fund flush with cash despite Matthew, Hermine

  19-10-2016 18:06
  The Florida Hurricane Catastrophe Fund (FHCF) holds $17.5bn in
  liquid assets - the most since its creation in 1993, its managers
  have claimed.
  In addition, the fund only expects minimal charges stemming from
  Hurricane Matthew and from Hermine - the first hurricane to make a
  direct hit on the state in over a decade.
  Matthew-related claims reported thus far total $454mn, according
  to state data, while claims from Hermine total $95mn. Insurers can
  seek reimbursement from the hurricane fund when...
  
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• Lloyd's market will lose money soon: Drysdale

  19-10-2016 15:54
  The Lloyd's market will lose money in the near future as soft
  pricing continues to pile margin pressure on carriers, Atrium
  Syndicate 609 active underwriter Toby Drysdale warned investors
  yesterday.
  Speaking at the Association of Lloyd's Members autumn
  conference, Drysdale said it would be much harder this year for
  carriers to continue to be "lucky".
  "All the underwriters you speak to will tell you that now
  is not the time to be increasing your investment in
  Lloyd's," he told the...
  
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• Cobalt confirms Lloyd's syndicate approval

  19-10-2016 15:54
  Cobalt today confirmed it has received "in-principle"
  approval for a Shariah-compliant Lloyd's syndicate, as revealed
  by The Insurance Insider yesterday.
  In a statement, Cobalt said Syndicate 1438 aims to begin
  underwriting in the first quarter of 2017, with Capita providing
  third-party managing agency services to the start-up.
  The syndicate's initial emphasis will be on developing a
  property- and specialty-focused book of commercial business from
  emerging and developing markets throughout the M
  
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• PIB buys professional indemnity broker

  19-10-2016 15:27
  
  Investment from PE firm Carlyle is being used to accelerate growth through acquisitions at PIB
  
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• Darwin Clayton accredited with Lloyd’s broker status

  19-10-2016 14:42
  
  Firm will focus new offering on hard to place property, casualty and professional risks.
  
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• Telematics data disproves fraudulent claim and saves £50,000 in costs

  19-10-2016 14:17
  
  Insure The Box has saved used telematics data to disprove a fraudulent claim and saved £50,000 in costs.
  
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• RSA hires Read as group pricing head

  19-10-2016 14:01
  London-based carrier RSA has appointed Richard Read as its new
  group pricing director, with effect from November.
  He will report to group underwriting director Nathan Williams
  and will be responsible for RSA's pricing and underwriting
  strategy.
  The appointment marks a return to RSA for Read, who was
  previously intermediated motor pricing manager at the carrier until
  2014. He also held a held a range of pricing roles in personal and
  small and medium-sized enterprise lines at the company after
  joi
  
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• PIB acquisitions continue with legal purchase

  19-10-2016 14:01
  UK broker-consolidator PIB Insurance Brokers has completed the
  purchase of Northampton-based legal professional indemnity (PI)
  broker QPI Legal.
  The financial terms of the agreement were not disclosed.
  The acquisition marks the fourth investment by the company since
  it received financial backing from private equity behemoth The
  Carlyle Group in December last year.
  The broker's CEO Brendan McManus commented: "QPI will
  bolster our rapidly growing professional risks offering, and will
  help to ensur
  
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• Major (re)insurers to explore blockchain for insurance

  19-10-2016 14:01
  Major industry players Aegon, Allianz, Munich Re, Swiss Re and
  Zurich have launched an initiative to explore the potential use of
  blockchain technology in insurance.
  The so-called Blockchain Insurance Industry Initiative, or B3i
  programme, will examine the applicability of distributed ledgers
  for issues including reconciliation of contracts, back office
  efficiencies and improving audit processes.
  In a statement released today, Munich Re said the technology
  required a cooperative approach to achi
  
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• JLT Re appoints Korea chief

  19-10-2016 14:01
  JLT Re has hired Jong Kuk Moon as CEO of its Korean business, the
  company announced today.
  Moon will be based in the intermediary's Seoul office and
  will report to Asia CEO Kenny Moyes.
  He joins after 23 years with Korean Re, where he served as an
  underwriter in the company's property, marine, aviation,
  liability and various mutual (re)insurance segments - notably
  within the government sector.
  Moyes said Moon would oversee the broker's development
  across treaty, facultative, analytics and strate
  
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• InsurTech Futures: Startupbootcamp in deal with Eos Venture Partners

  19-10-2016 12:59
  
  Agreement to provide up to £1m in funding.
  
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• Typhoons Sarika and Haima batter southeast Asia

  19-10-2016 12:03
  Super Typhoon Haima is tracking towards the northern Philippines
  at a strength of Category 4, according to catastrophe modelling
  firm AIR Worldwide.
  In addition to damaging winds, Haima is expected to cause
  landslides and flooding in northern Luzon as a result of storm
  surge and heavy precipitation, AIR said.
  The storm is then expected to pass south of Taiwan.
  Meanwhile, Typhoon Sarika struck the southern Chinese province
  of Hainan yesterday morning local time as a Category 2 storm with
  estimate
  
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• Matthew triggers CCRIF rainfall payouts

  19-10-2016 12:03
  The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has
  paid out $4.8mn for excess rainfall from Hurricane Matthew.
  The firm announced that Hurricane Matthew caused area rainfall
  events in five countries, of which three received payments
  totalling $4.8mn.
  Policies were triggered for Barbados, Saint Lucia, and St
  Vincent and the Grenadines.
  Barbados received $753,277, Saint Lucia $3.8mn and St Vincent
  and the Grenadines $285,349.
  However, the rainfall loss index fell below the attachment po
  
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• PIB buys QPI Legal

  19-10-2016 11:05
  
  The Northampton-based broker offers insurance to solicitors and is PIB's fourth acquisition.
  
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• NWBIB launches musician cover

  19-10-2016 10:46
  
  Broker launches WeLoveMusicians brand and says cover starts at £3.20 per day.
  
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• Appleton joins Hamilton as marine liability head

  19-10-2016 10:33
  Lloyd's managing agency Hamilton Underwriting has hired Mark
  Appleton to lead its marine liability business.
  Appleton will report to Trevor Carvey, active underwriter and
  head of treaty, Hamilton said in a statement today.
  Previously, Appleton was a marine liability class underwriter
  and an energy liability underwriter with the Navigators Group,
  which he joined in 2007.
  Prior to that he served as a protection and indemnity (P&I)
  underwriter at the carrier, having previously worked at broker
  
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• Arron Banks warns UKIP over continued support

  19-10-2016 09:45
  
  The key UKIP donor says party has descended into “full-blown insanity”
  
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• MPs to lobby justice secretary over whiplash reforms

  19-10-2016 09:27
  
  Insurance experts remain confident government will follow through with promises to reform sector
  
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• Insurers urged to embrace effect of autonomous cars on premiums

  19-10-2016 09:00
  
  AXA’s David Williams says industry should get in front of technology and adapt
  
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• Industry must improve fraud data sharing to keep up with digital age

  19-10-2016 08:31
  
  Experts says industry needs to start now to educate millennnials about insurance fraud
  
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• Industry must improve fraud data sharing to keep up in digital age

  19-10-2016 08:31
  
  Experts says industry needs to start now to educate millennnials about insurance fraud
  
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• Further action needed on Medco

  19-10-2016 08:00
  
  Medco was created to change the way medical reports were sourced in soft tissue injury claims, offering up randomised but accredited experts.
  
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